Medicaid Planning

Is your loved one facing a long-term care stay? Do they need to qualify for financial assistance to pay for their long-term stay? The decision to move a family member or a loved one into a facility is one of the most difficult decisions you can make. With the national average cost of nursing home care at $75,000 per year, for many, the most difficult task is determining how to pay for it without going broke!

Medicaid is a joint Federal and State health care program, administered by the state, that helps pay for medical services for certain eligible individuals. However, understanding the process of qualifying for Medicaid can be an exhausting ordeal. The Medicaid rules and regulations change frequently and are complicated to say the least! One of the primary concerns we hear from families is that they are afraid that qualifying for Medicaid will leave them virtually penniless.

We help families understand, manage and prepare for a long-term illness and navigate the complex area of Medicaid. Some of the questions we answer from worried families just like you are:

• Will I lose my home?
• Can I keep any of my income?
• Is it possible to reduce (or even eliminate) my nursing home bills?
• My loved one is already in a long term care facility. Is it too late to qualify for benefits?

Medicaid Planning Myths

So many times clients come to our office under the mistaken impression that there is nothing that can be done to protect assets from long term care costs. Fortunately much of the circulating consumer knowledge is false or misinterpreted. For example, it isn’t always necessary to wait 5 years after gifting assets to become eligible for Medicaid. The answer actually depends upon the specific facts of your case. With the help of our experienced Elder Law attorneys, many of the assets you have spent a lifetime accumulating can be protected from high long term care expenses.

Medicaid Asset Protection Strategies

Although with the recent passage of the Deficit Reduction Act, increased restrictions affect the use of some techniques, other asset protection strategies remain viable, especially for married couples where one spouse requires long-term care. Some of these techniques may include setting up an Irrevocable Living Trust, making gifts to family members, and paying for certain Medicaid expenses.

Whether you are facing long-term care issues yourself or you have a family member who is, we encourage you to call and schedule an appointment with one of our experienced Elder Law attorneys who will help you navigate the complex Medicaid system and avoid making costly and devastating mistakes.

Your loved ones deserve the best elder care available. Our firm is here to protect you and those you love and help you understand elder law and Medicaid eligibility. Contact us today and schedule an appointment with one of our experienced Elder Law Attorneys.

Visit our Elder Care Law FAQ section for additional information.

Also, sign up now for a free copy of the “Top 8 Medicaid Mistakes” by signing up for our newsletter below: